Question 2 (15 marks) The Winds trading company discloses the following information for the month of August 2x16. . . . Aug. 01: Beginning inventory, 600 units @ $5 each. Aug. 10: Sold 400 units @ $12 each. Aug, 11: Purchased 1,600 units @ $6 each. Aug. 15: Sold 1,000 units @ $12.50 each. Aug. 20: Purchased 1,000 units @ $6.50 each. Aug. 27: Sold 600 units @ $13.50 each. . . . Required: Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. Calculate cost of goods sold and ending inventory at August 31. (4 marks) 2. Assume that the company uses the Average cost method. Calculate cost of goods sold and ending inventory at August 31. (4 marks) 3. Assume that the company uses the LIFO method. Calculate cost of goods sold and ending inventory at August 31. (4 marks) 4. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method